In an open economy, as the price level increases, a(n) ____ in demand in the quantity of domestic goods results in a(n) ____ in the quantity of RGDP demanded

The insight that patterns of trade are primarily determined by international differences in labor productivity was first proposed by

A) Adam Smith. B) David Hume. C) David Ricardo. D) Eli Heckscher. E) Lerner and Samuelson.

In managing the monetary base, the Fed most often uses

A) open market purchases. B) printing money. C) discount loans. D) tax increases.